It All Happened One Year Ago - September 8

One year ago on September 8, Fannie Mae and Freddie Mac were effectively taken over by the U.S. government.

These were the headlines on Investors Business Daily on the next day, describing the events on September 8, 2008:

• U.S. Takeover of Fannie, Freddie Still Doesn't End Troubled Saga
• Builders And Banks Rally Over Seizure of Freddie, Fannie
• Fannie's stock tumbled 90%, Freddie 83%
• Picture of anxious specialists on NYSE floor
• Lehman Brothers Down On Uncertainty: the stock lost 13%
• Delivery Firms Reduce Speed To Save Fuel: UPS eliminates left turn
• S&P cuts Wamu to junk
• Russian troops were still in Georgia

Lehman Brothers and Washington Mutual were still with us. Not just homebuilders and banks but the general market rallied on the Fannie/Freddie news.

For more on what happened one year ago, read my posts (Part I, Part II, Part III, Part IV).

Tweet